Publicly available records published by the Financial Industry Regulatory Authority (FINRA) on September 9, 2016 indicate that Maryland-based Independent Financial Group broker/adviser Shimson Plotkin has been the subject of resolved or pending customer complaints. The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Plotkin (CRD# 2431863).
Shimson Plotkin has spent 22 years in the securities industry and has been registered with Independent Financial Group in Chevy Chase, Maryland since 2011. Previous registrations include Pacific West Securities in Chevy Chase, Maryland; Cambridge Investment Research in Chevy Chase, Maryland; Royal Alliance Associates in New York, New York; and Sun Investment Services Company in Wellesley Hills, Massachusetts. He is a registered broker and investment adviser with 23 US states and territories: Alaska, Arizona, California, Colorado, Connecticut, Delaware, the District of Columbia, Florida, Georgia, Illinois, Indiana, Louisiana, Maryland, Massachusetts, New Jersey, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Texas, Virginia, and West Virginia.
According to his BrokerCheck report, Shimson Plotkin has received three customer complaints and one pending customer complaint.
In June 2016, a customer alleged Shimson Plotkin, while employed at Pacific West Securities and Independent Financial Group, acted negligently, made material misrepresentations, breached contract, breached his fiduciary duty, and recommended unsuitable real estate investment trusts and other products. The customer is seeking $1,000,000 in damages in the pending complaint.
In 2005, a customer alleged Shimson Plotkin, while employed at Royal Alliance Associates, recommended unsuitable mutual funds. The complaint settled in 2006 for $70,000.
In 2002, a customer alleged Shimson Plotkin, while employed at Royal Alliance Associates, made unsuitable recommendations, breached his fiduciary duty, and committed fraud. The complaint resulted in an award to the customer of $25,000, to which Mr. Plotkin individually contributed $2,500.
In 2002, a customer alleged Shimson Plotkin, while employed at Royal Alliance Associates, acted negligently and misrepresented material facts related to an investment. The complaint resulted in an award to the customer of more than $55,300.
A mutual fund is a variety of investment that combines a collection of stocks, bonds, or other securities. The collection is referred to as a portfolio. Each share of a portfolio represents the investor’s ownership of the fund’s holdings and the income generated by these holdings. Mutual funds typically generate money for investors either by way of dividends on stocks and interests on bonds, or a capital gain on the sale of securities. Mutual funds also allow you to receive a check for the distributions or simply reinvest the earning into more shares. They are often inexpensive and easy to purchase; they also generally allocate risk well, and bring the benefit of professional management. However, they may also come with hidden fees, and trigger a capital gains tax when a fund manager sells a security. Brokers and investment advisers who recommend unsuitable mutual fund investments may be subject to disciplinary action from FINRA, the Securities and Exchange Commission, or state authorities.
If you or someone you know has complaints regarding Shimson Plotkin, call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. You may be entitled to recover lost funds. All cases are taken on contingency: we only receive payment if and when you collect money. Time to file your claim may be limited, so we suggest you avoid delay. Call 877-238-4175 now to speak to an attorney for free.